Pointing to a significant increase in foreign direct investment (FDI) to Korea in 2010, Minister of Knowledge Economy Choi Joong-Kyung expressed great enthusiasm about prospects for Korea’s business environment during a recent meeting with representatives of key foreign-invested businesses. Korea’s FDI inflow last year amounted to $13 billion, which marked a ten-year high.
Minister Choi pointed specifically to Korea’s much-expected progress on bilateral trade partnerships with major trading partners, which will give significant improvements to its investment environment. He also encouraged foreign investors to take full advantage of the country’s strengths in information technology and new growth engine industries.
With a three-year plan for facilitating FDI inflows in the works, the Minister urged foreign investors to seize opportunities to benefit from the proactive efforts of the Korean government to provide an ideal business climate as well as favorable living environment.
According to the Minister, investors from major partner countries should consider partnerships with local businesses to make the most of Korea’s strong economic growth. He emphasized that such partnerships could greatly boost the performance of both foreign-invested and local firms by tapping into each other’s comparative strengths.
* Government press release (February 23)
